Darrell Fletcher – Commodities 2025 Recap & 2026 Outlook: The Fundamentals That Matter – Gold, Silver, Copper, Oil & Nat Gas
This is an early listen to what’s coming on this Weekend’s Show.
I chat with Darrell Fletcher, Managing Director of Commodities at Bannockburn Capital Markets, for a level-headed, trading-desk perspective on what defined 2025 and what could matter most in 2026 for commodities.
Darrel brings over 30 years of commodities trading experience to unpack the outsized moves in precious metals and beyond – cutting through hype, misinformation, and short-term narratives to focus on fundamentals, positioning, and longer-term cycles.
We focus on Silver, Gold, Copper, Oil and Natural Gas.
Click here to learn more about Bannockburn Capital Markets – https://www.bannockburnglobal.com/
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This content is for informational and educational purposes only and does not constitute investment advice, an offer, or a solicitation to buy or sell any security or investment product. Investing in equities, commodities, really everything involves risk, including the possible loss of principal. Do your own research and consult a licensed financial advisor before making any investment decisions. Guests and hosts may own shares in companies mentioned.
Thanks Lakedweller2. Those 3 stocks are up a bit over 3X, and my portfolio of 55 stocks are up just under 3X on this calendar year, so 2025 has been a really great resource investing period.
There were a lot of investors in that contest up 4X-6X this year on their 3 stock picks, so it was a banner year for those folks, and I tip my hat to those outperformers.
This is really interesting, Goldfinger interviewed Bob Moriarty about one week ago. Bob’s son is a Doctor and he takes his family to New York where they typically stay in the same hotel room. Anyway his son said that the hotel room that they stayed in last year cost from $800 to $1000 per night and that has been the case for the last couple of years.
This year Bob’s son went back to the same hotel and wanted to book the same or a similar suite. The difference is that the hotel is now charging $11,000 per night. That isn’t inflation that is hyperinflation.
The US dollar is toast. DT 🦹♀️🦹♀️🦹♀️
These days there is so much strange stuff going on that you must trust but trust and verify. Misinformation and disinformation is rampant. DT
Yeah, I saw that video with Goldfinger and Bob Moriarty, and when he first said $11,000 a night for a hotel room, I thought Bob had misspoke, and meant $1,000 a night (because before that he said these were rooms that were $600-$800 a couple of years ago). Then Goldfinger, circled back around to that and asked him to clarify if he actually meant $11,000 a night, and Bob reiterated that yes, some of the rooms his son was looking at in New York were actually that much. Those prices are nuts!
Travelling the Information Superhighway requires careful driving and critical thinking.
Or, as Paul Newman said in a closing scene of “The Towering Inferno”:
“They oughta leaving it standing just like it is, kind of a monument to all the bull$h_t in the world.”
How much is a room at the Waldorf Astoria or the Pierre? I stayed at the YMCA on 34th St in 1972 and it was only $5 for a private room. I saw the St. Patrick’s day parade on 5th Ave and the wonderful Forbes museum on Broadway. Malcombe Forbes had the best collection of toy ships and boats, and soldiers, and Russian Easter eggs in the world and his museum was free.
In 1978 I stayed at the Ritz in Barcelona for $28 a night. Xavier Cugat and Charro were there too.
Now it costs 2000 Euros to stay at the Ritz in Barcelona! The Generalissimo kept hotel prices down.
I travelled through Europe in 1967 using my thumb and two beautiful women and we stayed in youth hostels. In those days a pension in Spain was 25 cents a night and if you were in Germany or France the cost was 80 cents to a dollar. Mind you it wasn’t luxury but the rooms were neat, clean and safe. DT
I was in Europe then but won’t ever go there again.
1978 was the end of communism in Spain under Franco. Barcelona economy grew gangbusters after that.
https://www.fibonomics.com/2025/12/hydrograph-hgraf-potential-deeper-buy.html
HydroGraph : Deep Buy Zone Possibility : Soon?
You need to do some Due Diligence and stop looking at those squiggly lines! LOL! DT
Target Zone likely, sans news.
Doc, does Mirasol make shaving cream like Barbasol? Are you going to the Michigan-Texas game?
Will Indiana beat Bama in the Rose Bowl? Go IU!
Bonzo, Ohio State just got whacked. Do you think your Hoosiers can go the whole way?
Doc, it won’t be easy to beat Bama, Oregon, and Georgia, but IU, the Cinderella team from out of nowhere, has the fab Fernando and might pull it off. What a year 2025 was for the Hoosiers and for Bonzo’s stock portfolio. Can 2026 be as good? Do you own ISVLF or AYASF?
Bonzo, I’m watching Indiana dismantle Alabama. I’m now a believer. I do own ISVLF for a long time however I own better stocks then that one. My portfolio has done exceedingly well and I’m looking at 2026 as being the year of the juniors.
Doc, Rice( where I got my B.A.) beat Bama 28-7 in the 1954 Cotton Bowl but IU(where I got my M.A.) beat Bama even worse, 38-3. Fernando had 3 TD passes and just 2 incomplete passes!!! And now it’s on to the Peach Bowl to play Oregon again. II would not bet on the Ducks.
I’ll be happy if my juniors do as well next year as they did in ’25. Some were up 4 fold.
I grew up in Houston. Rice is a great school. However, football has not been their strong point since Dickie Moegel (sp?) was there.
Dicky Maegle rushed for over 270 yards when Rice beat Bama 28-7 in the 1954 Cotton Bowl.
Rice played in the 1958 Cotton Bowl with King Hill, Frank Ryan, and Buddy Dial. Ryan was QB for Cleveland when the won the NFL title. Rice should have dropped football when the Southwest Conference split up after 1994. They can’t recruit the top players anymore. Dicky Maegle died 3 years ago, probably a victim of the clot shot.
I stopped by the Rice bookstore about 10-15 years ago to pickup a baseball hat. They were ranked #1 briefly so I showed some support. As a kid I sold snacks in the stands during games at Rice Stadium during football games. I don’t remember if I was working the game when someone tackled Maegle from the bench. I feel like I was but I saw the rerun many times. Anyway … thanks for triggering memories.
Rice halfback Dicky Maegle was running for a 94 yard TD in the 1954 Cotton Bowl in Dallas when Bama’s Tommy Lewis came off the bench and tackled Maegle. The refs awarded him the TD and the next week they both appeared on the Ed Sullivan show.
Rice won the NCAA baseball championship in 2004 beating Stanford in the final series.
I wasn’t at the Cotton Bowl in 54 but I could have gotten the hat in 2004. Thanks for the details. The good old days.
Buffet nailed it when he said this and I quote:
“It’s only when the tide goes out that you discover who’s been swimming naked.” LOL! DT
Opportunities in Copper Explorers and Developers – Part 4
Excelsior Prosperity w/ Shad Marquitz – 12/31/2025
– Arizona Sonoran Copper (TSX:ASCU) (OTCQX:ASCUF)
– Faraday Copper (TSX.V:FDY – OTCQX:CPPKF)
– Power Metallic Mines (TSX.V: PNPN) (OTCBB: PNPNF)
https://excelsiorprosperity.substack.com/p/opportunities-in-copper-explorers-a26
Where have I seen those copper guys before? Was that them on the Sopranos ripping the copper pipes out of those abandoned New Jersey houses? Maximum value says Tony.
Well it took 363 days but the most ridiculous post of the year is on Kitco for your bemusement.
You see, the CME raised silver contract margins twice this week because “Silver, platinum and palladium ‘became meme stocks’ and the CME intervened to maintain the integrity of the markets.”
Check it out. You’ll laugh out loud.
Happy New Year!
Looks like Silvercorp will be fetching a premium for all its Chinese silver production.
Wealthion’s Best Of 2025: Jim Rogers — I Sold Almost All My Stocks – “I’ve Seen This Party Before” Around the 26 minute mark!
Was he a partner of Soros Quatum Fund that broke the British Pound? Seems like a nice Gentleman.
Rogers is a nice guy if you realize that you are playing the “Most Dangerous Game”, you are swimming with the sharks. There are still wolf’s rapped in sheep’s clothing and you better understand that about investing. If you look around the room and you can’t spot the sucker that is probably because you are the “Mark”.
Happy investing and I hope everyone has a great and prosperous New Year. Remember we only come by once and you better enjoy yourself, I know I will! LOL! DT
Jim looks like he’s sipping a “relaxing” beverage.
https://www.tradingview.com/x/alt4r6Oz/
SILVER : Fabulous Journey
https://www.tradingview.com/x/sBlyMVav/
DOLLAR : Surprising Formation
One of my favorite stocks is still Stillwater Critical Minerals Corp., 2026 is going to see a big re-rating for Stillwater. I have been following this stock for ten tears, sometimes you have to wait before the crowd bids it up, but bid it up they will. Lock your hand on to the grab bar, and hold on tight the ride is coming. They have a lot more than PGE’s, they also have cobalt, copper, and nickel.
Personally I can’t understand why Sibanye hasn’t taken them out. Sibanye is not aggressive enough and that tells me that Sibanye could be a target. DT 😊😊😊
America is desparate for all those minerals so those stocks should do well but the rest of the world will get that stuff from Africa and Ivanhoe(IVN).
EXCELSIOR: Gotta check out A.I. guy- FINANCIAL CRUX – CHANNEL -highlighting- Coeur mining 1/01/26.
The Best Commercial for any Silver company this side of the Millenium. WATCH TO THE END
WATCH COEUR MINING the next several trading days
Will do Marty. In December I added back some of the Coeur Mining position that I’d trimmed a couple months prior, just strictly on their potential to have blowout Q4 results when they report them midway through Q1.
Now if the AI guy is bringing more awareness, then that’s a net positive.
Metals Close 2025 At All-Time Monthly, Quarterly, Annual Highs
Excelsior Prosperity w/ Shad Marquitz (01-01-2026)
#Charts of Gold GDX, GDXJ, Silver, SIL, SILJ, Platinum, Copper, COPX
https://excelsiorprosperity.substack.com/p/metals-close-2025-at-all-time-monthly (edited)
+289.53% gain for 2025 is an almost 4x, not 3x as stated in the next statement after the +289.53.
Hard work and perseverance pays off. Well Done!
Good point Marty, and I had actually fixed that after publishing, and wasn’t thinking correctly about that when I was cranking out the article. 100% = 2x, 200% = 3x, 300% = 4x etc…
It was nearly a 4x gain for last year during the calendar year, and it was the best year I’ve personally experienced investing in the resource sector. It will be hard to beat that moving forward, but I’m fine focusing on some base-hits for 2026 versus going for the grand slam.
I had a grand slam in 2025 and it is okay to crow when it happens. I understand your style of investing and it works but for me I get bored with anything other than a homer or a grand slam. There is nothing worse (for me) than having a lot of stocks in a portfolio and watching them go up a few cents one day and down a few the next day. Then sometimes you see a move like EMO or Rackla-RAK where it totally crashes and that can be very devastating to ones portfolio. I think we can all agree that if you want to stay in this game you must learn how to trade that is something we three have in common. We also work very hard at this trade. So many don’t and they get the dugout. THAT’S LIFE!
Looking for fireworks in 2026, I believe we will get it no matter whether we want it or not! DT 🎉🎉🎉
FREAKY FRIDAY AGAIN……………. What a World….
Should You Buy a Ticket on the Silver Rocket?
By Sean Brodrick – Weiss Ratings Daily – January 2, 2026
https://weissratings.com/en/weiss-ratings-daily/should-you-buy-a-ticket-on-the-silver-rocket
Ex
Congrats on the stock picking contest on ceo.ca. Looks like you are in the top 5% at minimum. Hard to make the right choices and you nailed some good ones. It takes a good feel for the markets and possible direction of sub-sectors. I am not surprised and a credit to the Kereport.